Aussie Buyers Dive Into $2+ Billion Lakeview Te Taumata Project At Queenstown
WORDS: Ocean Road Magazine Editorial Staff PHOTOGRAPHY Supplied
Australian buyers have dived into one of the most unique residential offerings in Australasia, making up the bulk of almost $NZ100 million in sales in the first stage of a $2+ billion master planned precinct transforming the New Zealand skiing mecca of Queenstown.
Reflecting Australia’s long-held affinity with Queenstown, more than 70 per cent of buyers in the project are Australian, with the remainder coming from New Zealand and some interest from the United States, according to sales specialists New Zealand Sotheby’s International Realty.
Lakeview Te Taumata is being undertaken in a joint venture between ASX-listed Centuria Capital and Melbourne-based 94 Feet.
The partners spent the last five years working closely with New Zealand regulatory authorities and local Maori groups to secure the approval of what is being described as the ‘Aspen of the southern hemisphere’.
The project has been officially launched to the market over the weekend (February 10), with the first two stages comprising 224 apartments released.
Sales achieved have ranged from $NZ750,000 for studio apartments to $NZ9.8 million for a 256 square metre, three-bedroom apartment and 44 square metre terrace with sweeping views over Lake Whakatipu and Queenstown’s renowned ski region, The Remarkables.
“We’re not surprised at the level of interest – this project is incredibly unique, has been very carefully planned and represents one of the most unique residential offerings ever seen in New Zealand,” said Mark Harris, CEO of New Zealand Sotheby’s International Realty.
“We are talking a $2+ billion precinct in one of the world’s most well-known ski and lifestyle destinations. It’s where Aspen meets Whistler and Pebble Beach meets Augusta.
“Australians have a very strong affinity with Queenstown and that’s one of the reasons why we’re seeing the level of sales and inquiry, aided by the benefits of a favourable exchange rate.”
The first stage of the project – comprising three buildings ranging from nine to 12 levels and named the Roto Collection – is set to undergo construction late 2024.
The Roto Residences will deliver a mix of designs including studio and one-bedroom apartments, complemented by two- and three-bedroom residences offering living spaces from 77 square metres to 149 square metres with terraces of up to 22 square metres overlooking the lake.
A selection of sub-penthouses will feature four- and five-bedroom layouts with 3.5 bathrooms and spacious living areas from 221 square metres to 392 square metres.
The sub-penthouses, which will span over half a floor, are priced from NZ$8 million to NZ$11 million.
The Roto collection will be topped by a sprawling penthouse offering the ultimate in mountain, city and lake views with 475 square metres of living space including an expansive 37 square metre balcony.
The penthouse is available in two designs – one featuring five bedrooms and 5.5 bathrooms and the other offering four larger bedrooms and 4.5 bathrooms. Each alternative penthouse layout is complemented by a private wine cellar, gym/wellness centre and the option of a sauna.
Mr Harris said the Roto Collection’s penthouse, which is on the market for NZ$25.5 million, has garnered significant interest from buyers.
“We have been fielding inquiries from multiple high-net worth buyers who recognise the transformational nature of this development and its positioning as a world-class residential-resort in the heart of Queenstown,” said Mr Harris.
The Lakeview Te Taumata precinct, to be delivered in multiple stages over the next decade, has been designed as a complementary extension of the existing Queenstown town centre.
When completed, it will comprise an extensive range of luxurious residences, four hotels, including a premier six-star offering and a lifestyle and wellness hotel, as well as ground-floor retail, restaurants, bars, art gallery, public plaza and a hot-pools attraction.
The official launch of the development and the strength of preliminary sales marks a major milestone for the project and its development partners.
“The early market response has established a firm timeline for a start to construction late this year,” said the 94 Feet’s Development Manager Charmaine Balchin.
“Our team has been gearing up for this project for many years now, working with multiple stakeholders to create an exciting development that enriches the Queenstown experience for visitors while delivering significant benefits to the local community including extensive infrastructure works.”
The sale and development plans for the Lakeview site represents almost 20 years of planning, public consultation and decision making by the local council after it identified the need to expand the Queenstown town centre to facilitate economic growth for the area.